Now that we are living on an annuity(like a pension) and 401K$ withdrawals(retirement savings), I am still going to keep track of our monthly spending and income, and hopefully we'll still be able to live BELOW our means and I'll have some leftover monies each month to tuck aside.
But this money leftover at the end of each month, at least for now(as we find our new financial "normal")won't be saved toward a yearly Savings Challenge. This leftover cash will go into a "Slush Fund" for now to be used if we have any emergencies come up during the year. If we still have Slush Funds at the end of the year we'll decide then what to do with those funds.
I have set up a page to track the Slush Fund. Click on the tab marked "Slush Fund 2018" at the top of the blog.
I am trying to be as transparent as I can with how much is coming in and how much is going out. 8-)
On to the November 2018 report--
I had 2 goals for November......
The 1st is to actually finish the month in the black and not the red.
The 2nd is to try to have a little cash leftover at the end of the previous month to tuck back into a slush fund. This slush fun may be to apply toward unforeseen bills that are coming due in subsequent months, to spend on "extras/wants" during the year or to just sit there and grow until the end of 2018.
I have to report that we finished up November in the black.
The extra amount we ended the month of November with?.......$260.35
Income or Funds We Can Access
The "income" in November---
* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* Interest earned on non-retirement accounts of $381.61
Total "Income" for November......$5413.25
Expenses in November---
* Healthcare Premium for November was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in November came to $3339.42
Total Expenses....$5152.90
Sinking Fund--The balance in the Sinking Fund coming into November was $468.37. No irregular bills were paid out of the Sinking Fund goes into December at $468.37. We instead paid for the semi-annual car insurance bill due in November from the monthly income and did not take a quarterly 401K withdrawal to cover it.
We went into October with $24,402.59 in the Slush Fund.
Add in November's overage of $260.35 to the Slush Fund and it stands at $24,662.94 going into December.
Outgo
But this money leftover at the end of each month, at least for now(as we find our new financial "normal")won't be saved toward a yearly Savings Challenge. This leftover cash will go into a "Slush Fund" for now to be used if we have any emergencies come up during the year. If we still have Slush Funds at the end of the year we'll decide then what to do with those funds.
I have set up a page to track the Slush Fund. Click on the tab marked "Slush Fund 2018" at the top of the blog.
I am trying to be as transparent as I can with how much is coming in and how much is going out. 8-)
On to the November 2018 report--
I had 2 goals for November......
The 1st is to actually finish the month in the black and not the red.
The 2nd is to try to have a little cash leftover at the end of the previous month to tuck back into a slush fund. This slush fun may be to apply toward unforeseen bills that are coming due in subsequent months, to spend on "extras/wants" during the year or to just sit there and grow until the end of 2018.
I have to report that we finished up November in the black.
The extra amount we ended the month of November with?.......$260.35
Income or Funds We Can Access
The "income" in November---
* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* Interest earned on non-retirement accounts of $381.61
Total "Income" for November......$5413.25
Expenses in November---
* Healthcare Premium for November was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in November came to $3339.42
Total Expenses....$5152.90
Sinking Fund--The balance in the Sinking Fund coming into November was $468.37. No irregular bills were paid out of the Sinking Fund goes into December at $468.37. We instead paid for the semi-annual car insurance bill due in November from the monthly income and did not take a quarterly 401K withdrawal to cover it.
We went into October with $24,402.59 in the Slush Fund.
Add in November's overage of $260.35 to the Slush Fund and it stands at $24,662.94 going into December.
Outgo
As for the variable expenses this November, here are the good and the bad side of things....
HERE are the GOOD THINGS
HERE are the GOOD THINGS
* Phone charges and internet were approximately the same as in September.(Within $1 or so).
* The water bill was $4.49 lower than last month.
* The c/c bill was up $445.56 than in October.
* The electric bill was $70.99 lower than last month.
* The health insurance premium was the same as in October.
* The cash WAM withdrawals was the same amount as last month.
.
* The water bill was $4.49 lower than last month.
* The c/c bill was up $445.56 than in October.
* The electric bill was $70.99 lower than last month.
* The health insurance premium was the same as in October.
* The cash WAM withdrawals was the same amount as last month.
.
HERE are the BAD THINGS
* The gas card bill was $38.10 higher than last month
* There was a $89.88 charge card bill on my Visa card this month.
* The gas card bill was $38.10 higher than last month
* There was a $89.88 charge card bill on my Visa card this month.
The Food Budget costs for November are in another post, which is located HERE. Food costs are covered in the credit card payment(sometimes our WAM cash too).
So we end November in the black with $260.35 in new general overage to add to the Slush Fund.
The Sinking Fund goes into December standing at $468.37.
FINAL THOUGHTS on November---
No quarterly 401K withdrawal meant November was going to be tight since we were going to pay the car insurance out of reg. income instead of the Sinking Fund. No other big bills except the credit card bill. Seeing as the food spending is put on the c/c, as well as the cell phone bill, that accounts for almost $600 of the c/c bill for November. Thinking of it that way makes it feel like less of a large bill.
THOUGHTS going forward into December 2018----
December.......let's see what's coming up.
Normal WAM withdrawal this month.
Normal or lower than normal food spending planned.
The credit card will be high next month....read "Christmas" costs and I went a little nuts buying discounted gift cards to use in 2019. ;-)
The Sinking Fund goes into December standing at $468.37.
FINAL THOUGHTS on November---
No quarterly 401K withdrawal meant November was going to be tight since we were going to pay the car insurance out of reg. income instead of the Sinking Fund. No other big bills except the credit card bill. Seeing as the food spending is put on the c/c, as well as the cell phone bill, that accounts for almost $600 of the c/c bill for November. Thinking of it that way makes it feel like less of a large bill.
THOUGHTS going forward into December 2018----
December.......let's see what's coming up.
Normal WAM withdrawal this month.
Normal or lower than normal food spending planned.
The credit card will be high next month....read "Christmas" costs and I went a little nuts buying discounted gift cards to use in 2019. ;-)
So how was your November financially?
Did you spend less than the income you had in November?
Did you stay within your budget or not?
What did you do with any money leftover at the end of the month?
Did you pay off any debts or put extra toward your mortgage principle or into savings, in an emergency fund or a retirement account?
Or did you blow it on a want?
Did you stay within your budget or not?
What did you do with any money leftover at the end of the month?
Did you pay off any debts or put extra toward your mortgage principle or into savings, in an emergency fund or a retirement account?
Or did you blow it on a want?
If you posted your financial progress on your own blog, leave a link in the comments so we can go check out your progress too and celebrate or commiserate with you!
Make this year was the one were you clean up your finances and pay off your debts.
Plan to set something aside if you didn't already or increase what you have banked now for your future self.
Or pay extra on the principle of your mortgage if your house isn't already paid off.
Live below your means and keep some change for a rainy day....because no matter how sunny it is in your life now, dark clouds come along and you'll be glad you have that umbrella to keep you dry.
Sluggy
Make this year was the one were you clean up your finances and pay off your debts.
Plan to set something aside if you didn't already or increase what you have banked now for your future self.
Or pay extra on the principle of your mortgage if your house isn't already paid off.
Live below your means and keep some change for a rainy day....because no matter how sunny it is in your life now, dark clouds come along and you'll be glad you have that umbrella to keep you dry.
Sluggy
